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The yellow metals conceded some of its recent gains this week, falling back despite a renewal in concerns around the health of the ongoing trade talks between the US and China.
President Trump announced this week that he will not be meeting with the Chinese premier ahead of the March 1st deadline as had been expected. As such, the market is now fearful over the health of the talks and the likelihood of a deal being made.
Indeed, speaking with US reporters this week, White House advisor Lawrence Kudlow said that a “sizeable difference” remains between the two countries regarding the issue of trade. Despite the knock to risk sentiment, which has seen equities trading lower, the USD was a stronger beneficiary, leading to a higher USD over the week and weighing on gold.
The resurgence in gold has for now been capped by the 1325.96 level resistance. However, the retracement should find support at the 1298.29 level, or the rising trend line just below, keeping the focus on an eventual...
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